After going through a divorce, marriage may well be the last thing on your mind. But second marriages happen, as do third, fourth and fifth. Entering into another commitment should be an exciting experience rather than one to be wary of, however for many who have experienced difficulties in a previous separation which were centred around children and finance it is understandable to be nervous when entering into another marriage.
It is a natural instinct to want to protect what you feel is rightfully yours. We can help you through our asset protection service
An Asset Protection agreement is a legally binding document that sets out what each party is entitled to should the relationship breakdown.
An Asset Protection Agreement is a report in which you set out the rights in connection to any property, obligations, pay and different resources obtained together or procured independently (e.g., through legacy), or that they have become tied up with a relationship.
If you were to find yourself in this position, protecting your assets for you and your children is of upmost most importance.
This agreement will preserve the expectations of the parties and prevent any surprises which may arise in the event of a divorce. The agreements can also extend into specifying that future potential income and assets accrued from a business, deceased spouse or through inheritance are not to be shared with your new spouse should the marriage end, therefore protecting future assets for your children.
You can even protect yourself against spending money on legal fees in the event of a marriage breaking down. It is also sometimes called a Pre – nuptial Agreement.
If the answer is YES to any of the situations below, an Asset Protection Agreement could be an advantage to you.
It is highly likely that at some point you will want to move on with your life involving someone else and past experience can help you avoid making the same mistakes again. But we are all human and the marriage statistics for the UK make it important for people to be sure they enter any future relationships with their eyes open and what is important to them is properly protected.
Statistics on Marriage
4 in 10 marriages include at least one partner who had been married before
2 in 10 marriages had both parties previously married
50% of first marriages end in divorce
67% of second marriages end in divorce
73% of third marriages end in divorce
If you feel that a prenuptial is required, a great approach to do it is up close and personal with your partner and an unbiased arbiter in the same room continuously. With the go between, you both can commonly characterize the terms of your prenuptial agreement and straightforwardly examine the worries that are driving you towards needing a prenuptial understanding. A talented arbiter will listen to both sides and can help you concentrate on what is very important and what is less important.
When you get married many assets become ‘marital assets’ and can be considered for division between you. The fundamental reason for an Asset Protection Agreement is to determine who owns what before entering into the marriage; therefore, if the marriage were to break down there would be a clear, legal document stating what would belong to whom.
At present an Asset Protection Agreement does not convey the same weight as a Court arrangement and won’t “naturally” be maintained or upheld by an English or Welsh court in the case of a separation and/or contradiction.
The courts do however consider them important if they have been prepared correctly, as an Asset Protection Agreement is confirmation of your expectations to each other in the event the relationship breaks down and one of the mechanisms a court will consider when assessing all the circumstances of your case, providing it has been done correctly.
The Court will consider:
Divorce Negotiator is able to advise, guide and draw up this agreement with both parties in a straight forward and sensitive way to ensure you are happy with the arrangements from the very beginning. You will both need to provide full disclosure of your financial positions. You should carefully consider the terms of the agreement to ensure they are as clear as possible as this will ensure there is no misunderstanding should they need to be referenced at any point.